A Will is the most common document used for giving away possessions after death. This writing instructs a probate court on distributing your assets after all of your bills are paid. A properly drafted Will explains which heirs get which items or what percentage of the estate, when it goes to them, and how taxes are handled. It can also include legally binding instructions on the desired type of funeral service and burial you want, list the people you want to administer your estate, name those you want to take custody of minor children, and outline any age restrictions on the people receiving bequests.
In addition to handling the distribution of your property, a Will can save money on estate taxes, keep money in trust for young beneficiaries, and provide guardianship nominations. Overall, though a Will is much better than nothing, it is not as versatile as a Living Trust, and, considering probate costs, it can be considerably more expensive.
To contact a lawyer who can help you develop the best will to fit your unique needs, contact the law firm Piede Sun LLP.